Desperate to Avoid Takeover,
Circon Seeks 'White Knight'

Circon Corp., target of the decade's longest-running hostile bid, is expected to confirm Tuesday that it is seeking a friendly suitor.

The Santa Barbara, Calif., maker of surgical products likely will announce that it seeks proposals ranging from significant distribution alliances to a merger or outright sale of the company, individuals close to the situation said. Bids from such "white knights" would be due by mid-September, according to these individuals. Bear, Stearns & Co., Circon's investment banker, put...